Canada-based uranium exploration and development company Denison Mines has discovered a uranium mineralization on its Waterbury Lake project.
The Waterbury Lake project is located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan, Canada
The company has intersected basement-hosted uranium mineralization in two drill holes, nearly 3km northeast of the project’s Huskie zone.
According to Denison, the uranium mineralization is contained within a 60 to 80 metre wide package of highly structured and strongly altered graphitic basement rocks.
Denison exploration vice president Dale Verran said: “These drill holes were designed as an initial test of a geological concept – that high-grade uranium mineralization occurs at the intersection of the interpreted regional Midwest structure with cross-cutting, graphite-bearing, structural corridors, as evidenced by the occurrence of the J Zone and Roughrider deposits and the Huskie zone.”
Located nearly 1.5km to the northeast of the property’s J Zone uranium deposit, the Huskie zone that consists of high-grade basement-hosted uranium mineralization was discovered by Denison during the summer of 2017.
Starting in late-July, the company’s summer 2018 exploration program at Waterbury Lake consisted of 3,315 metres of diamond drilling in seven completed holes.
The firm said: “The program was focused on drill testing regional exploration targets related to the interpreted Midwest structure and additional step-out drilling down-dip and up-dip of the Huskie zone.”
Covering 40,256 hectares, the Waterbury Lake property is jointly owned by Denison with 65.45% stake and Korea Waterbury Uranium Limited Partnership with 34.55%, through the Waterbury Lake Uranium Limited Partnership.
Besides, Denison owns 63.3% stake in the Wheeler River project, a major undeveloped high-grade uranium project in the infrastructure rich eastern portion of the Athabasca Basin region.
Covering about 320,000 hectares, Denison’s Athabasca Basin exploration portfolio includes numerous projects.
The company holds a 22.5% ownership stake in the McClean Lake joint venture , which includes several uranium deposits and the McClean Lake uranium mill, which currently processes ore from the Cigar Lake mine.